Bitcoin (BTC) Morning Update: A Minor Correction Approaches
SUMMARY
There is never a trend, either up or down, without a correction. For Bitcoin (BTC), I believe a minor correction approaches. The below chart shows the initial wedge that was drawn and presented the other day. Price had broken down below the lower blue line and it's common for it to be retouched from the underside.
The wedge has been redrawn and it encompasses all price levels. This shows that the wedge is still forming and not yet complete nor confirmed.
When labeled as abcde; the e wave still remains to be put in. If there is one more higher high, then price would be close to the Apex and more ripe for a minor correction.
Using Fib chart as guide, the red line arrow shows a probable abc pathway to around 0.5 to 0.618 zones.
The impulse pathway is the primary count where once wave 5 is complete, a correction will arrive. There is no escaping a retracement which is a requisite component of an Elliott Wave motive.
The Inverted H&S is still in progress. It shows a potential that should the wedge pattern pathway progress, the blue arrow could be the result.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
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